UK Can Sign a FinTech Deal With The Australian Government

UK Can Sign a FinTech Deal With The Australian Government

The Australian High Commissioner to the UK has reportedly announced that the two countries are about to complete a new financial technology agreement.

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The Australian High Commissioner to the UK has reportedly announced that the two countries are about to complete a new financial technology agreement.

Cryptocoinnews.com reported on this statement that was made at a global trade conference last week. According to Alexander Downer, Australia`s high commissioner to the UK, the two countries “are in the process of concluding negotiations on fintech”, a decision that may make the countries` ties even closer.

It is expected that the deal will bring enhanced cooperation between the regulators in Australia and the UK, as the report added. A spokesperson for Her Majesty`s Treasury, the UK`s economic finance ministry, reportedly confirmed the possible future collaboration, stating that the two countries want to create a bridge that will increase the flow of trade and investment between their markets.

Last year, the financial regulators in both countries entered another agreement that was said to be the first of its kind at the time.

Probably, the mutual interest comes from the fact that London has been known as a global financial hub for quite some time. On the other hand, Australia has earned a reputation of a financial leader in the region. Recently, the country hinted that they are considering a new regulatory framework that is friendly towards FinTech start-ups. This framework, which was shared with the general public in late October, will be favorable to blockchain payments companies, as well as cryptocurrencies and initial coin offerings or ICOs, according to a report published earlier.

“ASIC recognises that ICOs have the potential to make an important contribution to the options available to businesses to raise funds and to investment options available to investors.”, as the Australian regulator, ASIC, wrote in a satement, outlining the new regulatory rules with regard to ICOs that are held in the country.

These steps toward ICO regulation, as well as the possible collaborative agreement with the UK, show the government`s positive attitude towards the emerging technologies and ecosystems.

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